Study on the Governance Structure of Urban Redevelopment in Hong Kong Under the Perspective of Principal-Agent Relationship
The nature of urban redevelopment is the redistribution of property rights and interests,involving multiple subjects such as government,market and society subjects,which means that the governance structure is critical to urban redevelopment.Hong Kong SAR of China has rich experience in urban redevelopment,but literature rarely discussed the governance structure of urban redevelopment in Hong Kong.Based on the principal-agent relationship between Hong Kong government and Urban Renewal Authority,this paper analyses the governance structure of 5R redevelopment strategies in Hong Kong.It is found that Urban Renewal Authority serves as a"semi-govemment-semi-market"agency;on the one hand,Urban Renewal Authority is de facto an independently operated agent dedicated to urban redevelopment under the delegation of Hong Kong government,and its"semi-market"attribute leads it to pursue profit maximization,Hong Kong government helps the Urban Renewal Authority to achieve its agent goals through financial and policy support;on the other hand,Hong Kong government adopts the power of personnel appointment,implicit budget intervention and planning approval to ensure that the Urban Renewal Authority plays a"semi-government"role and achieve its principal goals;based on this principal-agent relationship,Urban Renewal Authority connects the government,market and social subjects,and then promotes the formation of the governance structure of 5R redevelopment strategies.Finally,this paper tries to expand the traditional urban governance theory on this basis,and proposes the reference significance of Hong Kong urban redevelopment to the mainland China.
Urban RedevelopmentGovernance StructureGovernance TheoryUrban Renewal AuthorityHong Kong
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NSTL
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